Tax Advisers' Guide to Trusts

; Jacquelyn Kimber ; Ian Richards

Tax Advisers' Guide to Trusts

Tax Advisers' Guide to Trusts, Sixth Edition demystifies the complex subject of trusts by explaining relevant tax rules and the way in which trusts can be used in practice as a flexible and effective means of wealth accumulation and protection. Les mer
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Tax Advisers' Guide to Trusts

Tax Advisers' Guide to Trusts, Sixth Edition demystifies the complex subject of trusts by explaining relevant tax rules and the way in which trusts can be used in practice as a flexible and effective means of wealth accumulation and protection.

This new edition covers the significant legislative changes reflected in several Finance Acts since the publication of the last edition in 2016. These include:

Introduction of the new penalty regime for offshore assets, with a higher level of penalties depending upon various factors, including territory
Introduction of the Trust Registration Service by HMRC for registering new/existing trusts under anti-money laundering regulations
Obligatory 'real time' CGT reporting for disposals of UK residential property
Domicile and new deemed domicile rules introduced by Finance (No 2) Act 2017 and implications for settlement protections
Change to the meaning of 'excluded property' from 6 April 2017
Change to the definition of 'deemed domicile' for IHT.

Also covered are some significant cases decided since the last edition, including:

The Rangers Football Club Plc v Advocate General for Scotland (EBTs and payments of earnings)
Barclays Wealth Trustees (Jersey) Ltd & Anor v HMRC (excluded property trust status and the treatment of inter-trust transfers)

Examples and case studies are used to supplement and illustrate the text, providing practical guidance throughout.

Chapter 1: A Useful Relationship
Chapter 2: Main Trust Legislation
Chapter 3: Trust Formalities
Chapter 4: Powers and Duties of Trustees
Chapter 5: Residence and Domicile
Chapter 6: Main Taxation Rules Applicable to Trusts
Chapter 7: Relevant Property Trusts
Chapter 8: Bare Trusts and Interest in Possession Trusts
Chapter 9: Trusts for Children and Young Adults
Chapter 10: Foreign Trusts
Chapter 11: Charitable Trusts
Chapter 12: Purpose and Heritage Trusts and Foundations
Chapter 13: Protective and Vulnerable Person Trusts
Chapter 14: Asset Protection Trusts
Chapter 15: Wills, Trusts and Statutory Trusts
Chapter 16: Employee Trusts
Chapter 17: Trusts of Land
Chapter 18: Pension Funds
Chapter 19: Trust Tax Returns
Appendix 1: Legislation
Appendix 2: EU Council Directive 2018/822
Draft International Tax Enforcement (Disclosable Arrangements) Regulations 2019
Appendix 3: Capital Gains Tax - Indexation Allowance for Individuals and Trusts
Appendix 4: Inheritance Tax Bands
Appendix 5: Period Expectation of Life (simplified)
Appendix 6: Income Tax and Capital Gains Tax for Non-resident Trusts
Appendix 7: Standard Provisions of the Society of Trust and Estate Practitioners: 1st Edition and 2nd Edition
Appendix 8: HMRC Trusts and Estates Toolkit
Appendix 9: Convention on the Law Applicable to Trusts and on their Recognition
Appendix 10: Advice on GOV.UK

Explains the tax rules as they relate to trusts and the way in which trusts can be used in practice as a flexible and effective means of wealth accumulation and protection.

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